jparkin:
While all of the things that folks have told you about having a professional luthier do the job are true, you are also working on an old Kay. From my perspective, an old plywood bass like that is a great candidate for learning. Get a copy of Chuck Traeger's book and get practicing.
It looks like you are on the other side of the state from me, but you are still reasonably local. The next time you are over this way, bring your bass and schedule a couple of hours shop time and we can go over everything I know about setting one and the tools used. I've said it a lot of times: Owning an old Kay is a lot like owning an old volkswagon ( I've owned many of both). They break down a lot, but they are also easy to work on. Learning the individual traits of each is part of the game and working on your own is one of the life skills that will go a long ways...
j.